Charting the Markets with IG TV: Zak Mir after Boris Johnson prorogues Parliament
Just the man for the moment. Rather than throw his hands up and shout things like ‘unprecedented, uncharted and unfair’ as so many in the media do when confronted by the unusual, veteran Zak Mir of ZaksTradersCafe chose to cover British-related markets on this important day as we move towards Brexit.
Kicking the ball into play, he starts off with a daily chart of the FTSE 100 index noting that trying to link charts and political news ‘’might drive you mad’’. As a good technical analyst he sticks to the chart and the indicators he likes: RSI and MACD crossover – which interestingly he thinks is a leading indicator. He’s obviously got a contrarian bent reminding us to ‘’be greedy when others are fearful’’. He also explains clearly what are bull and bear traps, and how this index is prone to them.
He uses RSI in a non-conventional way, staying long while it has a reading of 50 or above, short when below 50. Warning that we must use this as just ‘’one piece of the jigsaw, not an idiot camera’’ he turns to cable, where he suggests anything below $1.2000 is likely to be a bear trap – bar some cataclysmic news – because ‘’markets love going against the grain’’.
Finally euro/sterling, where interestingly he uses the 100 and 200-day simple moving averages for golden and death crosses. Unconventional to the end.
To view, click here.
The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA. The STA makes no representations as to the accuracy, completeness, or reliability of any information on the blog or found by following any link on blog, and none of the STA, STA Administrative Services or any current or past executive board members are liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. None of the information on the STA’s blog constitutes investment advice.
- ‘Applying macro fundamentals to short-term trading’: By Anthony Cheung October 14, 2021
- Energy Trading Week: In conjunction with CommoditiesPeople.com October 7, 2021
- STA Freedom Party: Something to celebrate September 28, 2021
- New Lessons from Brain Science: and how they inform risk taking September 23, 2021
- Market reaction to EU July Industrial Production September 17, 2021
- A fireside chat with author Jack D Schwager: He of Market Wizards fame on
- Market Wizards – and their lesser known cohorts: Jack Schwager hits the book launch circuit on
- Colours, clashes and clichés: How and why use colourful charts on
- Do you know Aroon? I do, but not very well on
- Must read classics: Richard W Schabacker – the real bible of technical analysis on